NELE VANACKER: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
NELE VANACKER
Largest movements
- Current investments +€106,034
up €106,034 (+52.8%), from €200,688 to €306,723
- Cash -€73,902
down €73,902 (-29.8%), from €247,582 to €173,680
mainly Current investments (-€106,034) and Other debts (-€30,953)
- Receivables within one year -€10,350
down €10,350 (-28.7%), from €36,066 to €25,716
of which Trade receivables: -€13,998
- Reserves +€63,740
up €63,740 (+12.8%), from €497,743 to €561,484
of which Distributable reserves: +€63,740
- Other debts -€30,953
down €30,953 (-11.3%), from €274,158 to €243,205
- Gross operating margin -€16,675
down €16,675 (-12.8%), from €130,331 to €113,657
- Financial charges -€7,405
down €7,405 (-30.9%), from €23,954 to €16,548
- Financial income +€2,811
up €2,811 (+85.2%), from €3,300 to €6,111
- Depreciation -€2,188
down €2,188 (-14.5%), from €15,069 to €12,881
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €817,262 | €842,725 | +€25,463 | +3.1% |
| Fixed assets | 21/28 | €20,605 | €24,704 | +€4,099 | +19.9% |
| Tangible fixed assets | 22/27 | €20,605 | €24,704 | +€4,099 | +19.9% |
| Plant, machinery and equipment | 23 | €230 | €0 | -€230 | -100.0% |
| Furniture and vehicles | 24 | €10,513 | €832 | -€9,682 | -92.1% |
| Other tangible fixed assets | 26 | €9,862 | €23,872 | +€14,010 | +142.1% |
| Current assets | 29/58 | €796,657 | €818,021 | +€21,364 | +2.7% |
| Stocks and contracts in progress | 3 | €310,800 | €310,800 | = | 0.0% |
| Stocks | 30/36 | €310,800 | €310,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,066 | €25,716 | -€10,350 | -28.7% |
| Trade receivables | 40 | €36,060 | €22,062 | -€13,998 | -38.8% |
| Other amounts receivable | 41 | €6 | €3,654 | +€3,648 | +65616.9% |
| Current investments | 50/53 | €200,688 | €306,723 | +€106,034 | +52.8% |
| Cash at bank and in hand | 54/58 | €247,582 | €173,680 | -€73,902 | -29.8% |
| Deferred charges and accrued income | 490/1 | €1,522 | €1,103 | -€419 | -27.5% |
| Total equity and liabilities | 10/49 | €817,262 | €842,725 | +€25,463 | +3.1% |
| Equity | 10/15 | €503,943 | €567,684 | +€63,740 | +12.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €497,743 | €561,484 | +€63,740 | +12.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €495,888 | €559,629 | +€63,740 | +12.9% |
| Amounts payable | 17/49 | €313,319 | €275,042 | -€38,277 | -12.2% |
| Amounts payable within one year | 42/48 | €313,319 | €275,042 | -€38,277 | -12.2% |
| Financial debts | 43 | €37 | €99 | +€62 | +166.5% |
| Credit institutions | 430/8 | €37 | €99 | +€62 | +166.5% |
| Trade debts | 44 | €7,641 | €309 | -€7,332 | -96.0% |
| Suppliers | 440/4 | €7,641 | €309 | -€7,332 | -96.0% |
| Taxes, remuneration and social security | 45 | €31,482 | €31,429 | -€54 | -0.2% |
| Taxes | 450/3 | €31,482 | €28,929 | -€2,554 | -8.1% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €274,158 | €243,205 | -€30,953 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,069 | €12,881 | -€2,188 | -14.5% |
| Other operating charges | 640/8 | €751 | €607 | -€144 | -19.1% |
| Non-recurring operating charges | 66A | €63 | €0 | -€63 | -100.0% |
| Gross operating margin | 9900 | €130,331 | €113,657 | -€16,675 | -12.8% |
| Operating profit (loss) | 9901 | €114,449 | €100,169 | -€14,280 | -12.5% |
| Financial income | 75/76B | €3,300 | €6,111 | +€2,811 | +85.2% |
| Recurring financial income | 75 | €3,300 | €6,111 | +€2,811 | +85.2% |
| Financial charges | 65/66B | €23,954 | €16,548 | -€7,405 | -30.9% |
| Recurring financial charges | 65 | €23,954 | €16,548 | -€7,405 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €93,795 | €89,731 | -€4,064 | -4.3% |
| Income taxes | 67/77 | €26,933 | €25,991 | -€942 | -3.5% |
| Profit (loss) for the period | 9904 | €66,862 | €63,740 | -€3,122 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €66,862 | €63,740 | -€3,122 | -4.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.